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C-4.1 - Savings and Credit Unions Act
Section 505
Disposition versions
505. Before exercising the powers set out in section 504, the Minister shall give the members of the board of directors or the board of audit and ethics whose powers are suspended an opportunity to present observations. He shall also give the federation or the confederation with which the credit union or the federation is affiliated, as the case may be, an opportunity to present observations.
However, where it is imperative to do so, the Minister may order the suspension, for a period not exceeding 15 days, without giving the members referred to in the first paragraph, and the federation or the confederation, as the case may be, an opportunity to present observations.
505. Before exercising the powers set out in section 501, the Minister shall give the members of the board of directors, of the credit committee or of the board of supervision whose powers are suspended an opportunity to be heard. He shall also give the federation or the confederation with which the credit union or the federation is affiliated, as the case may be, an opportunity to be heard.
However, where it is imperative to do so, the Minister may order the suspension, for a period not exceeding 15 days, without giving the members referred to in the first paragraph, and the federation or the confederation, as the case may be, an opportunity to be heard.
